Yes, definitely find out what's going on with the drop in RPM. 50 rpm doesn't sound like much, but....it's not providing rated power or thrust.
Also, understand that engine horsepower is one metric, but THRUST is what makes an airplane go, NOT so much horsepower.
There is no such thing as a 100 % efficient propeller, but modern propeller technology has dramatically improved the EFFICIENCY of the newer propellers. If you've been around a while, you'll have seen some very dramatic changes in propeller blade shape over the last 30 or 40 years. That's a good thing, these newer propellers are significantly more efficient at turning torque and horsepower into thrust, which is ultimately what makes our plane accelerate and climb.
So, while your engine is now rpm limited to 2700 horsepower, that MT prop is probably in fact making as much or more THRUST at 2700 rpm as the old prop made at 2850 rpm. I know that Flight Resource has done some testing along that line and found that to be true.
It's been well documented that with the long two bladed props on those engines, the prop tips were entering the transonic speed range, and in that range, those prop tips were using horsepower to make noise, effectively.
Finally, based on the way the IO-520 engines were rated, they often don't make a full 300 horsepower anyway.
But, what many folks don't appreciate is that thrust is what we should really be concerned with. Horsepower, not so much.
An interesting but side note: I purchased an MT Ultra prop for my 180 hp Cessna 175. When I took the prop out of the box, I was pretty skeptical....the blades on this prop are fairly slender, compared to the 80 inch Hartzell propeller that the MT was replacing. I wondered what the performance would be like. After the first takeoff, all of those thoughts went in the trash....this thing pulls like a tugboat. So appearances can also be deceiving.
MTV